Since Bitcoin surged to a high of $108,000, the crypto market has entered a phase of massive sell-off. However, the slump of the top Memecoins—Dogecoin (DOGE) and Shiba Inu (SHIB)—preceded BTC's decline, suggesting that market participants had already withdrawn funds from these 'star dogs' to invest in other assets. Nevertheless, do DOGE and SHIB still have a chance to reverse the trend? Let's explore.

Dogecoin (DOGE): Can the support level become the starting point for a counterattack?

Dogecoin's decline is relentless, with mid-week market fluctuations causing prices to quickly drop from a high of $0.32 to nearly $0.26. However, resilient bulls pulled the price back above $0.34, but this rebound is weak and still under strong bearish pressure.
Key point:

  • Technical analysis: On DOGE's weekly chart, the price has yet to escape the bearish trajectory. The RSI appears to resonate with price movements; if the bulls can maintain support at $0.33, the price may see a surge. Otherwise, the risk of falling below $0.20 will become the market's biggest shadow.

  • Indicator signal: The ADX currently shows a bearish direction, indicating a significant bearish divergence, reinforcing the likelihood of further declines.

Conclusion: Dogecoin bulls need to act quickly; if they can hold the support and push the price above $0.35, market sentiment may turn. If they fail to maintain this level, a larger wave of selling may ensue.

Shiba Inu (SHIB): The rising wedge has broken, price battle on the edge of a cliff.

Compared to Dogecoin, Shiba Inu's situation is more precarious. The previous rising wedge structure has broken, causing prices to plummet 30% rapidly and triggering a new round of selling pressure. In the short term, there is hope for a rebound, but technical indicators reveal potential pullback risks.

Key point:

  • Technical aspect: SHIB's price may continue to pull back, probing below $0.00002, possibly even breaking through key psychological support levels. The MACD signal has turned bearish, with buying momentum significantly declining.

  • Turning point signal: The Ichimoku cloud indicator looks slightly optimistic, and the bearish trend is expected to end in the coming days. Additionally, a potential bullish crossover between the baseline and conversion line could become an opportunity for reversal.

Conclusion: Shiba Inu's price is currently at a critical 'life and death' stage, and the market performance over the weekend will play a decisive role in future trends.

The future of Memecoins: Is there hope amid the sell-off?

Whether it's Dogecoin or Shiba Inu, both are currently at the eye of the storm in market attention. With the fluctuations in the overall market and changes in capital flow, these top Memecoins need to overcome significant resistance to reignite market confidence.
Short-term advice:

  • DOGE's price must firmly hold above $0.33; breaking through $0.35 could initiate a counterattack.

  • SHIB needs to leverage Ichimoku's bullish signals to stabilize market sentiment and avoid falling below $0.00002.

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